The bill amends section 150 of the 1956 Insurance Code, providing a framework for addressing violations of the act where specific penalties are not already established. It mandates that individuals accused of violations must be given a hearing opportunity before the director, who will issue a written decision if a violation is found. The director has the authority to impose civil fines, with a maximum of $1,000 for each violation, or up to $5,000 if the individual was aware of the violation. Additionally, the bill clarifies that fines can be imposed alongside other penalties or restitution for certain violations, and establishes a cap on total civil fines at $50,000.

Furthermore, the bill outlines the director's powers to modify or set aside previous orders if circumstances change, and it increases the penalties for knowingly violating a cease and desist order to a civil fine of $20,000 per violation, along with potential license suspension or revocation. The collected fines are to be directed to the state treasurer for the general fund. The bill also allows the director to seek court intervention to enforce compliance with the act.

Statutes affected:
House Introduced Bill: 500.150